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Resolution of the Council of Allegheny County that it is desirable for the health, safety and welfare of the people in the area served by Ohio Valley General Hospital for the Allegheny County Hospital Development Authority to issue its bonds on behalf of Ohio Valley General Hospital for a project consisting of: financing all or a portion of the costs of (a) refunding all of the presently outstanding Allegheny County Hospital Development Authority Hospital Revenue Bonds (Ohio Valley General Hospital Project), series of 1993, previously issued for the benefit of the hospital, (b) constructing, acquiring and equipping certain renovations, additions and other capital expenditures relating to the healthcare facilities of the hospital devoted to its exempt activities, including the reimbursement of prior capital expenditures, (c) the funding of a debt service reserve fund for the bonds, and (d) the payment of all or a portion of the costs of issuance of the bonds; and approving the issuance of the bonds by the Allegheny County Hospital Development Authority for the purposes of the public approval requirements of the internal revenue code.
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Whereas, the Allegheny County Hospital Development Authority (the "Issuer") is a body corporate and politic duly organized, existing and in good standing under the laws of the Commonwealth of Pennsylvania (the "Commonwealth"), pursuant to the provisions of the Municipality Authorities Act, 53 Pa. C.S.A. ยง5601 et seq., as amended (the "Act"), the purpose and intent of which is to benefit the people of the Commonwealth by, among other things, increasing their commerce, health, safety and prosperity; and
Whereas, the Issuer is authorized by law to acquire, hold, construct, finance, improve, maintain, operate, own and lease as lessee or lessor, hospitals and health centers, to borrow money, to make and issue negotiable bonds and to secure the payment of such bonds or any part thereof by pledge or deed of trust of all...
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